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Boat Hunting ;)
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Discussion Starter #1
Just waiting to get my virgin credit card, they are closed, so a question to anyone who has one:

what is the standard maximum limit on them?? they still havent mentioned anything about them. Also after you confirm your ID, how long does it usually take to get the card?

cheers

steve
 

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AKA: Spaniard
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848 Posts
Usually the standard credit on a card starts off at $1500. At least that was the case for my ANZ First one.
 

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pR()rN_*
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it depends on your credit rating it can be anything from $500 up to $10,000 straight of the bat.
When I applied for my ANZ First it was $5000 and now they keep pestering me to get more dept.
I changed it though back to $2000. Don't want to have to much cc dept!
 

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{';'}
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I hope you don't mind me asking something a little unrelated to the topic... But what is the deal with paying back credit card debt? For example, if you purchase something for $900 and you have two months "interest free", when do you pay it back? Is it done a little bit at a time (per month), or all at once?

Yes, I'm confused!
 

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###AND EDGT DRIVER###
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XRated said:
I hope you don't mind me asking something a little unrelated to the topic... But what is the deal with paying back credit card debt? For example, if you purchase something for $900 and you have two months "interest free", when do you pay it back? Is it done a little bit at a time (per month), or all at once?

Yes, I'm confused!

you can pay it back any time the outstanding balance is sometime as much as 16.5 to 17% plus as long as you keep up on the payments its a good starting point to get a better credit rating.

and interest free is not on cash advance by the way.
 

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Formerly lowercase :-)
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younggun said:
Just waiting to get my virgin credit card, they are closed,
what is the standard maximum limit on them??
Hi Steve,

My Virgin Credit Card arrived with a $4800 limit so I assume they just make some calculation based on your income, etc. I wasnt aware of the limit either until it arrived.

Cheers,
Mark.
 

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pR()rN_*
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the 90 day interest free works like this:
You purchase $1000 worth of stuff on day one and 89days later you pay it all off.
Yay no interest charges to you.
Or you buy $1000 worth of stuff and still have $5 left to pay on day 90 well.
Now you get charged interest on the entire $1000 in transactions dispite the fact that you have $5 on the card.
Thats how they work.
Banks are scum but if you learn how to play you can get a good deal.
Also if you purchase something you can't pay back in time (aka max it out on a car purchase) then change the card from 90days free to the no rewards option this gives you a lower interest rate to pay off the card and less fees.
Enjoy and be careful it's easier to spend someone elses money than you think
 

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Registered
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The interest free period is only a cycle, hence why they say up to 55 days interest free, not simply 55 days interest free.
For instance, if you buy something on the first day of the cycle, you have 55 days interest free. If you buy something 30 days into the cycle, you only have the remaining 25 days interest free. And it is true, this isn't applicable on cash advances.
Banks normally work a limit on 10% of your income, at least for your first card, for instance, if you earn $40k you'll get $4k limit. Don't know about virgin though. I got an $11,100 limit, and as much as I wish, I don't earn $110k per year!
(Not a fan of credit, just used to work in card services for a bank)
 

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Boat Hunting ;)
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Discussion Starter #10
Thanks guys!! gee FF really is a wealth of information!! will have to wait and see then... couldnt be too much longer, but gee they take their time!!
 

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a little bit sideways
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younggun, i think carazy said it best...it is very easy to spend someone elses money. i have spent my entire working life in the financial industry. it is so very easy to buy something now for $500 and promise to pay it back next week, but it often doesnt turn out like that. quite often, people max their cards and then make minimum payments which they draw back down. where i used to work, we used 10% of the gross annual salary as a guideline for a credit limit.

good luck
 

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Boat Hunting ;)
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Discussion Starter #12
rsgerry said:
younggun, i think carazy said it best...it is very easy to spend someone elses money. i have spent my entire working life in the financial industry. it is so very easy to buy something now for $500 and promise to pay it back next week, but it often doesnt turn out like that. quite often, people max their cards and then make minimum payments which they draw back down. where i used to work, we used 10% of the gross annual salary as a guideline for a credit limit.

good luck
yep very true mate, this is my second card, I use them both for work... lol the amount of people who tell me to be careful with it (must be my age).. all apreciated though, but unfortunately I dont have them to buy stuff for the car!! just work :(
 

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Rip Up The Track Join OFR
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everyone uses credit otherwise we would never own a house, just make sure you can always payback what you Borrow. if you go well with your card and make payments on time they will then increase your limit.....
 
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